Insulating your home is a great way to reduce your energy bills by making it
more energy efficient and keep your home warm in the winter and cool in
the summer. And now, thanks to a new tax rebate program from the IRS,
you can save even more money on your insulation costs.
The IRS offers a tax credit for homeowners who make energy-saving
improvements to their homes, including adding insulation. The credit is
worth 10% of the cost of the insulation, up to a maximum of $500. This
means that if you spend $5,000 on insulation, you can claim a credit of
$500 on your federal tax return.
To be eligible for the credit, you must install the insulation in your primary
residence between January 1, 2021 and December 31, 2023. The
insulation must meet certain requirements, such as having a minimum R-
value (a measure of its thermal resistance) and being installed in a manner
that provides a “continuous, unbroken barrier.” The insulation must also be
installed in accordance with manufacturer’s specifications and building
codes. There are many different types of insulation that are eligible for the
credit, including fiberglass, cellulose, foam, and radiant barriers. So
whether you’re adding insulation to your basement, attic, walls, floor, or
crawlspace, you can take advantage of the credit. It’s important to note that
the credit is only available for the cost of the insulation itself, and does not
include the cost of labor or installation materials. However, the credit can
be used to offset other home improvement expenses, such as roofing,
windows and doors if you made those improvements at the same time as
the insulation. To claim the credit, you’ll need to fill out form 5695 and
include it with your tax return.
You’ll also need to keep receipts and other documentation to support your
claim, such as the manufacturer’s specifications for the insulation and a
detailed description of the work that was done.
In conclusion, the IRS insulation rebate is a great way to save money on
your insulation costs and improve the energy efficiency of your home. With
a credit worth up to $500, it’s a smart investment that can pay off in the
long run by reducing your energy bills and keeping your home more
comfortable year-round.
At Impressive we use unfaced fiberglass insulation that has rating R13 and
class A fire rating. Unfaced fiberglass insulation is a type of insulation that
is made from glass fibers that are bound together with resin. The “unfaced”
aspect of the insulation means that it does not have a paper or foil backing,
which makes it easier to install in tight spaces. One of the benefits of
unfaced fiberglass insulation is that it is relatively inexpensive compared to
other types of insulation. It is also does not mold or produce mildew, as it
does not absorb water or retain moisture like some other types of
insulation.
